Karachi: The KSE-100 index experienced a downturn on Friday, declining by 670 points to close at 167,844. Trading volumes also fell, with 481 million shares changing hands compared to 729 million in the previous session. Despite this drop, the index remains above the 200-day moving average (DMA) at 165,222, which serves as a crucial support level. A fall below this point could see the index targeting the 50-DMA at 162,270. Conversely, any upward movement will encounter resistance at the recent high of 169,625, with further targets set at 170,779 and 173,275.

According to JS Global, the market's momentum indicators are mixed, offering no definitive trading direction. Investors are advised to adopt a 'Buy on dips' strategy while maintaining a stoploss below the 200-DMA. Current support and resistance levels are identified at 167,008 and 169,152, respectively. In the broader market, United Bank Limited (UBL) and Oil and Gas Development Company (OGDC) show potential for post-breakout consolidation and range trading, respectively, with specific price targets and stoploss positions recommended.